Treasuries Are Biggest Losers as Economic Surprise Index Gains

Treasuries were the world’s worst-performing government bonds over the past 12 months as a measure of U.S. economic data showed figures are surpassing expectations by the most this year.

Notes and bonds due in a decade or more fell 13 percent in the period, the biggest loss of 174 debt indexes tracked by Bloomberg and the European Federation of Financial Analysts Societies. The Citigroup Economic Surprise Index, which shows whether U.S. data beat or missed expectations, climbed to 36.7, the highest level since Dec. 31. Improvement in the economy is fueling expectations the Federal Reserve will curb the bond-buying program it uses to support the expansion.